Home » Photovoltaic industry is now tens of billions of large orders_ Oriental Fortune Net

Photovoltaic industry is now tens of billions of large orders_ Oriental Fortune Net

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The photovoltaic industry is now a tens of billions of large orders.

On the evening of May 9th,Oriental Sunriseannouncementwholly-owned subsidiary Risheng Anhui andShuangliang energy savingThe wholly-owned subsidiary Shuangliang Silicon Materials signed the “Cooperation Framework Agreement”, stipulating that from May 2022 to December 2024, Shuangliang Silicon Materials promised to supply no less than a certain amount of silicon wafers to Risheng Anhui every month. Anhui promises to purchase a certain amount of silicon wafers from Shuangliang Silicon every month.

With reference to the latest average price of monocrystalline silicon wafers announced by PV InfoLink and the production scheduling plans of both parties, the estimated contract value is about 14.227 billion yuan in three years.

May 10,Oriental SunriseIt rose by more than 8% during the session, and finally closed up 4.86% at 23.74 yuan per share, with a total market value of 21.4 billion yuan.

  Responding to rising raw material prices

According to the agreement, it is expected that from May 2022 to 2024, Risheng Anhui will purchase a total of 1.572 billion silicon wafers from Shuangliang Silicon Materials. Among them, 72 million pieces will be purchased in 2022, 600 million pieces will be purchased in 2023, and 900 million pieces will be purchased in 2024; the two parties will confirm the procurement/delivery volume in 2023 at the latest in the fourth quarter of 2022, and at the latest in the fourth quarter of 2023. The purchase/delivery volume in 2024, and the purchase/delivery volume of both parties shall not be less than the purchase/delivery volume of the previous year, and a supplementary agreement shall be signed after both parties agree.

  Oriental SunriseIt is stated that this agreement is a long-term purchase framework agreement, and the specific purchase price adopts a monthly negotiation method, and the final purchase amount may fluctuate with the market price.performanceThere is uncertainty about the impact.

At present, Risen Energy has established photovoltaic production bases in Ninghai, Changzhou, Yiwu, Chuzhou, Malaysia, etc. In the future, according to the continuous improvement of the market’s acceptance of large-size modules, it will continue to increase high-efficiency large-size modulesBatteryThe scale of component production capacity ensures core competitiveness. The signing of the above agreement will provide a strong guarantee for the company’s long-term stable supply of high-efficiency large-size monocrystalline silicon wafers.

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Risen Energy has locked in huge orders in response to the continued rise in raw material prices. Previously, the price of silicon material ushered in 15 consecutive rises. On April 27, the silicon industry branch disclosed data that the price range of domestic single crystal re-feeding this week was 252,000 yuan / ton to 260,000 yuan / ton, and the average transaction price rose to 25.54 yuan. 10,000 yuan / ton, an increase of 0.83% week-on-week; the price range of single crystal dense material is 250,000 yuan / ton to 258,000 yuan / ton, and the average transaction price rose to 253,300 yuan / ton, a week-on-week increase of 0.96%.

  Deduction of non-losses for two consecutive years

Risen Oriental was established in 2002 and landed on the GEM in September 2010, located in Ninghai County, Zhejiang Province.In the entire photovoltaic industry chain, Risen Energy is in the middle and lower reaches, focusing onBatteryand components, the 2021 annual report shows that itssolar energyBatteryAnd component business accounted for more than 70% of total revenue. According to PV Tech data, Risen Energy ranks sixth in the world in terms of PV module shipments in 2021.

As a leader in components, Risen Energy has always been focusing on the specialization route, and has not entered into integration on a large scale. Sun Yuemao, President of Risen Energy, said in an interview with the media in January this year, “The supply and demand pattern of the photovoltaic industry will be greatly improved this year, and the supply chain will be relatively stable. Therefore, Risen Energy will not over-invest in the upstream, because the excess upstream Profits are gradually shrinking. In the future, Risen Energy will moderately develop upstream industries, but will not expand on a large scale in the field of silicon materials.”

Whether the industrial supply and demand pattern will change remains to be seen. Judging from the financial report data, Risen Energy has indeed experienced the pain caused by soaring raw material prices. In 2020 and 2021, the company will return to its parentnet profitThey were 165 million yuan and -42.32 million yuan respectively, a year-on-year decrease of 83.02% and 125.59%. The net profit after deduction was even more embarrassing, with losses of 135 million yuan and 647 million yuan respectively.

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As for Risen Energy’s proud battery and module business, its gross profit in 2021interest rateOnly 1.13%, down nearly 8 percentage points from the previous year, the company’s overall gross profit throughout the yearinterest rateIt is only 6.61, which is already broken.

However, Risen Oriental is not indifferent. On December 27, 2021, Risen Oriental announced that it plans to invest in a demonstration project of integration of source, network, load and storage of incremental distribution network in Guyang County, Baotou City through a wholly-owned or holding subsidiary. (Phase II), the total investment of the project is initially estimated to be 44.65 billion yuan.

According to the content of the announcement, the project is divided into two major sectors, one is the manufacturing sector (ie, the load side), with an annual output of 200,000 tons of metallic silicon, 150,000 tons of high-purity silicon, 10GW N-type high-efficiency crystal pulling, and 3GW modules; the second is power generation In the sector (ie, the power supply end), 3.5GW photovoltaic power station project, 1.6GW wind power station project and energy storage project are invested.

In the first quarter of 2022, Risen Energy’s performance rebounded significantly, and the company achievedOperating income5.414 billion yuan, a year-on-year increase of 40.46%, a net profit of 213 million yuan, a year-on-year increase of 280.59%, and a non-net profit of 224 million yuan, a year-on-year increase of 242.12%. For the doubling of net profit, the company said that the main reason is the increase in sales volume and price of photovoltaic module products in this period, and polysilicon materials contributed to a certain profit.

  high debt

Behind the hoarding of nearly 45 billion yuan is the continuous leap forward of Risen Oriental. Its fixed assets have soared from 2.13 billion yuan in 2016 to 9.509 billion yuan in the first quarter of this year. But the question before the company is, where will the money come from?

As of the end of the first quarter, Risen Energy’s book valuecurrencyThe capital is 6.152 billion yuan, but the notes payable and accounts payable are as high as 12.18 billion yuan, and the interest-bearing liabilities include short-term loans of 4.168 billion yuan and long-term loans of 1.766 billion yuan. The company’s asset-liability ratio in the latest period was 69.78%, a year-on-year increase of 4.98%. With cash being stretched thin and leverage continuing to climb, how can Risen Energy support its ambitions? The reporter of “International Finance News” called and sent a letter to Risen Oriental. As of press time, no reply has been received.

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On the other hand, Risen Energy’s solvency is also not optimistic. Currently, its current ratio and quick ratio are 0.95 and 0.73 respectively. Generally speaking, the current ratio is 2 and the quick ratio is 1, which is the company’s solvency. The ideal model of , the lower the ratio, the weaker the solvency.

In order to raise funds, Risen East “survived with a broken arm” and successively sold assets. From June 2021 to the end of March this year, the company has successively sold 12.76% equity of Jiujiujiu, 100% equity of its three power stations, 50% equity of Swick, 100% equity of four subsidiaries, and photovoltaic power station projects in Australia and Kazakhstan. , the return of funds is about 5 billion yuan.

In addition to lack of money, Risen’s other major purpose of selling assets is to divest non-core businesses and focus on the main business. On January 28th, the company disclosed a fixed increase plan, and it plans to raise no more than 5 billion yuan for 5GW N-type ultra-low carbon high-efficiency heterojunction cells and 10GW high-efficiency heterojunction cells.solar energyModule projects, global high-efficiency photovoltaic R&D center projects and supplementary liquidity. Lin Haifeng, the actual controller of Risen Energy, participated in the subscription.

It is worth mentioning that in February last year, also to promote the heterojunction project, Risen Energy invested 3.3 billion yuan.convertible bondsEnded with failure. This became the first case in the history of A-shares in which the fundraising of convertible bonds was completed, but the listing was suspended.

(Article source: International Finance News)

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